Hersha Hospitality Trust selling properties for $505M

Hersha Hospitality Trust is selling seven hotels for $505 million — $360,000 per key — as part of its strategy of concentrating on its luxury assets and its New York properties. “Our resort markets and lifestyle properties continue to outperform — as reflected in our first quarter financial results announced [recently] — and our purpose-built New York City cluster, coupled with our unique operating model, positions us for strong performances across the recovery,” says CEO Jay Shah.